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Non-Tech : MB TRADING
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To: tom pope who wrote (2832)12/18/1998 6:00:00 PM
From: tom pope   of 7382
 
Re my preceding post, and just to make myself clear:

I just received a private mail from a good friend who said - in effect - "you dummy, why did you use a market order?"

Let me make clear -

I never, ever, use market orders. If I absolutely want to get out of a position, I put in an order a sufficient spread below the current bid to make it virtually certain I will get out.

But in this case Jerry had described a system which seemed to promise I would be directed immediately to the best bids, and that the usual risks of market orders - appalling fills - would be avoided.

It didn't happen.
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